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  • 2025-07-21TajikistanNational Bank of the Republic of Tajikistan

    National Bank of the Republic of Tajikistan meets newly appointed IMF resident representative and reviews Policy Coordination Instrument cooperation

    The National Bank of the Republic of Tajikistan reported on a meeting between its chairman, Firdavs Tolibzoda, and IMF Resident Representative Ghazi Shbaikait, discussing macroeconomic and reform cooperation. They noted positive economic trends and progress under the Policy Coordination Instrument to advance structural reforms. The meeting highlighted over 30 years of IMF support for Tajikistan, with plans to strengthen future cooperation.

    Policy & regulationCooperationOther
  • 2025-07-21BrazilBrazilian Superintendence of Private Insurance (SUSEP)

    Brazilian Superintendence of Private Insurance publishes outcome assessment on the low uptake of the S4 segment under CNSP segmentation rules

    The Brazilian Superintendence of Private Insurance (SUSEP) released a Regulatory Outcome Assessment report on the segmentation framework under National Council of Private Insurance Resolution No. 388/2020, focusing on segment S4. The report highlights that few entities have opted into S4, which offers regulatory exemptions, and uses three indicators to analyze the limited adoption.

    Policy & regulationImplementation, projects & pilotsRegulatory burden
  • 2025-07-21United StatesU.S. Senate Committee on Banking, Housing and Urban Affairs

    U.S. Senate Committee on Banking, Housing and Urban Affairs ranking member Warren seeks FHFA Director Pulte schedule and social media records over posts about Fed Chair Powell

    The U.S. Senate Committee on Banking, Housing and Urban Affairs minority released a letter from Ranking Member Elizabeth Warren to FHFA Director Bill Pulte, questioning his social media activity and focus on Federal Reserve Chair Jerome Powell. Warren requested details on Pulte's posts related to Powell, the time spent on social media, and his involvement in efforts to dismiss Powell. She also noted the lack of response to her previous request for deleted posts during Pulte's confirmation.

    Policy & regulationOther
  • 2025-07-21PhilippinesCentral Bank of the Philippines

    Central Bank of the Philippines requires PRIME XML submission of demand deposit account reconciliation statements from the 31 December 2025 reference period

    The Central Bank of the Philippines requires banks and non-banks with quasi-banking functions to submit Demand Deposit Account Reconciliation Statements in XML via the Prudential Reporting Innovation and Monitoring Engine (PRIME). A parallel run starts 30 June 2025, with live submissions beginning 31 December 2025, replacing previous methods. The guidelines outline process expectations and supersede earlier memoranda from February and August 2022.

    SupervisionRegulatory reporting
  • 2025-07-21BrazilBrazilian Pension Funds Authority (PREVIC)

    Brazilian Pension Funds Authority PREVIC integrates 30 CPNU recruits into technical departments after 105-hour induction

    The Brazilian Pension Funds Authority (PREVIC) has integrated 30 new civil servants from the 2024 Unified National Public Service Examination into its technical areas after a six-week induction. The program included 105 classroom hours on PREVIC operations and pension fund legal frameworks, with input from the Ministry of Social Security, Abrapp, and Anapar. PREVIC outlined priorities such as staff training, technology modernization, and workforce strengthening, with plans for further recruitment in 2026.

    Institutional developmentWorkforce & recruitmentHiring and recruitment
  • 2025-07-21Brunei DarussalamCentral Bank of Brunei Darussalam

    Central Bank of Brunei Darussalam launches survey on digital payment usage to inform the 2026–2030 Digital Payment Roadmap

    The Central Bank of Brunei Darussalam, in collaboration with several banks, is conducting a public survey to inform the Digital Payment Roadmap (2026–2030). The survey aims to gather insights on digital payment usage, preferences, and challenges, with distribution online and in person. Responses will remain confidential, collecting only demographic data, and the public is cautioned against impersonation attempts.

    Policy & regulationImplementation, projects & pilotsPayments and payment systems
  • 2025-07-21VietnamVietnam State Securities Commission

    Vietnam State Securities Commission sets VND 1,000,000 fee and payment process for reissued securities practitioner certificates

    The Vietnam State Securities Commission has instructed individuals listed in a notice to pay a re-issuance fee of VND 1,000,000 for a securities practitioner certificate, as per Ministry of Finance Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the Commission. Failure to pay and collect the certificate within one year will result in cancellation.

    SupervisionAuthorisations & approvalsLicensing and supervisory fees
  • 2025-07-21VietnamVietnam State Securities Commission

    Vietnam State Securities Commission hosts risk management training for securities companies with Singapore Exchange experts

    The Vietnam State Securities Commission held a training programme on risk management for securities companies, focusing on legal frameworks and strategies amid rapid market growth. The programme featured contributions from Tan Boon Gin of the Singapore Exchange and covered financial, liquidity, and operational risks. Vice Chair Ha Duy Tung highlighted the VN-Index's growth and surpassing investor account targets.

    Policy & regulationImplementation, projects & pilots
  • 2025-07-21SingaporeMonetary Authority of Singapore

    Monetary Authority of Singapore appoints first EQDP asset managers with SGD 1.1 billion mandate and expands equity research and listings grants while preparing investor recourse consultation

    The Monetary Authority of Singapore appointed Avanda Investment Management, Fullerton Fund Management, and JP Morgan Asset Management under its SGD 5 billion Equity Market Development Programme, with an initial SGD 1.1 billion allocation. MAS also committed SGD 50 million to enhance the Grant for Equity Market Singapore Scheme, increasing funding for equity research and supporting a broader listed product ecosystem. Consultations will address investor compensation mechanisms and legal action facilitation, with a final report expected by end-2025.

    Policy & regulationImplementation, projects & pilotsMarket development
  • 2025-07-21BrazilBrazil Securities Commission (CVM)

    Brazil Securities Commission to judge sanctioning case against PwC and auditor Claudia Miranda over alleged breaches of Brazilian auditing standards

    The Brazil Securities Commission (CVM) will hold a judgment session on Administrative Sanctioning Proceeding 19957.010029/2021-61 to evaluate PriceWaterhouseCoopers Auditores Independentes Ltda. and Claudia Eliza Medeiros de Miranda for alleged non-compliance with Brazilian audit standards. The case involves audit work for a Real Estate Investment Fund for the year ending 31 December 2018, potentially breaching Article 20 of CVM Instruction 308. The public session is on 22 July, with provisions for electronic voting if necessary.

    EnforcementInvestigations & enforcement actionsAuditing
  • 2025-07-21MalaysiaMalaysia Securities Commission

    Malaysia Securities Commission reports MyCIF has reached MYR 1.19 billion in co-investments and sets out Budget 2025 Islamic risk-sharing incentives

    The Malaysia Securities Commission reported that the Malaysia Co-Investment Fund (MyCIF) surpassed MYR 1 billion in total co-investments, reaching MYR 1.19 billion by the end of 2024. The fund, supporting over 9,500 micro, small, and medium enterprises (MSMEs), attracted 4.1 times private sector funding for each ringgit invested. Under Budget 2025, MyCIF plans to allocate MYR 40 million to promote Islamic risk-sharing financing through equity crowdfunding and peer-to-peer platforms.

    Policy & regulationImplementation, projects & pilotsSME financing
  • 2025-07-21GuernseyGuernsey Financial Services Commission

    Guernsey Financial Services Commission launches public survey on motor finance ahead of thematic conduct review

    The Guernsey Financial Services Commission launched a public survey to gather experiences with motor finance since 1 July 2023, following the regulation of loans and consumer credit products under the Lending, Credit and Finance Law. The survey aims to identify trends for a thematic review on conduct risks in the motor finance sector, assessing customer treatment and compliance with new requirements. Results will contribute to a review planned for later this summer, with conclusions expected early next year.

    SupervisionReviews, inspections & stress testsConsumer and investor protection
  • 2025-07-21GuernseyGuernsey Financial Services Commission

    Guernsey Financial Services Commission notifies firms of corrected UK cyber sanctions entries for Main Centre for Special Technologies and 85th Main Special Service Centre

    The Guernsey Financial Services Commission issued a cyber sanctions notice correcting entries for two entities on the consolidated list, which remain subject to an asset freeze under the UK Cyber (Sanctions) (EU Exit) Regulations 2020. Businesses must verify relationships with these entities, ensure associated assets are frozen, and report findings to the States of Guernsey Policy and Resources Committee. Firms must also notify the Commission and submit a report under Handbook Rule 12.37 if an affected relationship is identified.

    EnforcementSanctions & designationsSanctions list update
  • 2025-07-21GuernseyGuernsey Financial Services Commission

    Guernsey Financial Services Commission issues Russia sanctions notice on four new UK designations

    The Guernsey Financial Services Commission issued a Russia sanctions notice designating four individuals and entities under the UK's Russia (Sanctions) (EU Exit) Regulations 2019, effective in Guernsey. Firms must apply asset freezes, report findings to the States of Guernsey Policy & Resources Committee, and comply with reporting and funds-availability prohibitions. The designated parties include Artyom Sergeevich Kureyev, Anna Sergeevna Zamaraeva, Victor Aleksandrovich Lukovenko, and African Initiative.

    Policy & regulationGuidance & interpretationNew sanctions designations
  • 2025-07-21GuernseyGuernsey Financial Services Commission

    Guernsey Financial Services Commission lists UK cyber sanctions designees now subject to an asset freeze in Guernsey

    The Guernsey Financial Services Commission issued a cyber sanctions notice designating 18 individuals and the 161st Specialist Training Centre under the UK's Cyber (Sanctions) (EU Exit) Regulations 2020, subjecting them to an asset freeze in Guernsey. Businesses must verify relationships with these designees, freeze related assets, and report findings to the States of Guernsey Policy & Resources Committee. Compliance with reporting requirements and notification to the Commission under Handbook Rule 12.37 is mandatory.

    Policy & regulationGuidance & interpretationNew sanctions designations
  • 2025-07-21PhilippinesPhilippine Securities and Exchange Commission

    Philippine Securities and Exchange Commission highlights CMEPA tax incentives including a new PERA employer deduction and a 0.1% stock transaction tax

    The Philippine Securities and Exchange Commission announced Republic Act No. 12214, the Capital Markets Efficiency Promotion Act, introducing tax measures to boost Personal Equity and Retirement Account (PERA) participation and reduce capital market costs. Changes include a 50% tax deduction for employers matching PERA contributions, a stock transaction tax reduction to 0.1%, and a documentary stamp tax cut on share issuance to 0.75%. The law standardizes the final withholding tax on interest income at 20% and sets a 15% capital gains tax on foreign corporation shares.

    Policy & regulationRules & requirementsOther
  • 2025-07-21PhilippinesPhilippine Securities and Exchange Commission

    Philippine Securities and Exchange Commission warns public about job offer scams using a tasking and recharging scheme

    The Philippine Securities and Exchange Commission issued a warning about "job offer scams" targeting jobseekers through messaging platforms like Viber, Messenger, and Telegram. Scammers entice victims with paid tasks on a fake e-commerce platform, requiring initial deposits that escalate to unlock higher-paying tasks. Victims face demands for further deposits upon withdrawal attempts, leading to financial loss when operators vanish.

    SupervisionAlertsFraud and scams
  • 2025-07-21GlobalWorld Federation of Exchanges

    World Federation of Exchanges research maps governance and local conditions shaping ESG progress across 66 exchanges

    The World Federation of Exchanges published research on ESG progress at exchanges, highlighting governance as the primary focus, with 39% of ESG efforts, especially in jurisdictions with high literacy and low corruption. The study notes increased regulatory pressure since 2017 and a rise in sustainability-linked products, with 86% of exchanges offering them in 2023, driven by sustainability concerns, reputational motivations, and cultural and environmental factors.

    ResearchESG
  • 2025-07-21KosovoCentral Bank of the Republic of Kosovo

    Central Bank of the Republic of Kosovo discusses SEPA preparation and the TIPS Clone fast payments project with Hungary’s new ambassador

    The Central Bank of the Republic of Kosovo hosted Hungary’s Ambassador for discussions on financial sector developments, including legal reforms and system resilience. Governor Ahmet Ismaili highlighted preparations for joining the Single Euro Payments Area (SEPA) and progress on the "TIPS Clone" fast payments system. The meeting also addressed internal reforms and cooperation to align Kosovo’s legal framework with European Union standards.

    Policy & regulationCooperationDomestic cooperation
  • 2025-07-21NigeriaNigeria National Insurance Commission

    Nigeria National Insurance Commission holds capacity-building workshop on Group Life Assurance Policy with the civil service office

    The Nigeria National Insurance Commission and the Office of the Head of the Civil Service of the Federation conducted a workshop in Abuja to enhance understanding of the Group Life Assurance Policy in the federal public sector. The event emphasized insurance as a means to protect public servants' welfare and ensure financial security for their families.

    Policy & regulationImplementation, projects & pilotsOther
  • 2025-07-21NigeriaNigeria National Insurance Commission

    Nigeria's National Insurance Commission convenes 4th joint committee meeting on insurance for public buildings and buildings under construction

    Nigeria's National Insurance Commission (NAICOM) held the fourth meeting of the Joint Committee on Insurance for Public Buildings and Buildings Under Construction to assess implementation progress and challenges. Chaired by Deputy Commissioner Ekerete Ola Gam-Ikon, the meeting introduced new members from the quantity surveying profession and discussed extending enforcement from third-party motor insurance to public buildings, emphasizing coordination with other regulators.

    Policy & regulationImplementation, projects & pilotsOther
  • 2025-07-21NigeriaNigeria National Insurance Commission

    Nigeria National Insurance Commission convenes Nigeria–Ghana stakeholder engagement on marine cargo insurance practices

    Nigeria’s National Insurance Commission held a meeting in Lagos with Nigerian and Ghanaian stakeholders to exchange experiences on marine cargo insurance and explore collaboration opportunities. Participants discussed technical aspects in Nigeria, including port safety, policy terms, and claims processes. Ghana's delegation noted the insights would aid in implementing Ghana's new marine insurance policy.

    Policy & regulationCooperationCross-border cooperation
  • 2025-07-21ThailandThailand Securities & Exchange Commission

    Thailand Securities & Exchange Commission revokes investment consultant approval for 10 years over THB 15.1 million client asset misappropriation

    The Thailand Securities & Exchange Commission revoked Ms. Usa Pullkerd’s approval as a general investment consultant and imposed a 10-year ban on future applications, effective 22 July 2025, due to misconduct at Bangkok Bank Public Company Limited. The misconduct involved unauthorized withdrawals from a client's account, resulting in losses of THB 15.1 million. The SEC emphasized regular account reviews and cautioned against pre-signing transaction documents.

    EnforcementSanctions & designations
  • 2025-07-21ThailandThailand Securities & Exchange Commission

    Thailand Securities and Exchange Commission urges GRAND bondholders to review waiver requests and collateral term changes ahead of 24 July meeting

    The Thailand Securities and Exchange Commission urged bondholders of five bond series by Grande Asset Hotels and Property Public Company Limited to review information and vote at e-meetings on 24 July 2025. The meetings will address waivers for covenant breaches and amendments to collateral terms, including valuation and review changes. Bondholders are advised to consider the representative's assessment of potential impacts and seek further information before voting.

    SupervisionInterventionsCorporate governance
  • 2025-07-21GlobalFinancial Markets Standards Board

    Financial Markets Standards Board publishes Spotlight Review on carbon markets and highlights fragmentation barriers to scaling

    The Financial Markets Standards Board published a Spotlight Review updating its 2022 analysis on voluntary carbon markets and expanding it to compliance carbon markets. It highlights ongoing progress but notes structural challenges hindering market scalability. The review emphasizes increased coverage and tighter emissions caps in compliance schemes, improved certification in voluntary markets, and the need for international cooperation to address market fragmentation and credit non-fungibility.

    ResearchClimate risk and sustainable finance
  • 2025-07-21EgyptEgypt Financial Regulatory Authority

    Egypt Financial Regulatory Authority discusses training partnership with the Chartered Insurance Institute and prudential supervision cooperation with the Bank of England

    The Egypt Financial Regulatory Authority (FRA) held discussions in London with the Chartered Insurance Institute and Sam Woods, Deputy Governor of the Bank of England, to explore cooperation on training and qualifications. The FRA aims to enhance market stability through professional certifications and leadership programs and outlined its supervisory approach for non-banking financial institutions. Additionally, the FRA referenced the Unified Insurance Law No. 155 of 2024, mandating staged increases in insurers' capital and setting investment and reporting rules.

    Policy & regulationCooperationDomestic cooperation
  • 2025-07-21ChileCentral Bank of Chile

    Central Bank of Chile starts distribution of 30 million centenary special edition CLP 100 coins

    The Central Bank of Chile has begun the gradual rollout of a special edition CLP 100 coin featuring its centenary logo, with 30 million coins to be issued through commercial banks. The coin retains the same physical characteristics as the current bimetallic CLP 100 coin, with changes to the obverse design. Both the special edition and existing coins will circulate alongside the larger monometallic CLP 100 coin.

    Monetary policyMonetary policy instruments & operationsOther
  • 2025-07-21United StatesFederal Deposit Insurance Corporation

    United States Federal Deposit Insurance Corporation, Federal Reserve Board and Office of the Comptroller of the Currency open fourth EGRPRA comment round to reduce regulatory burden

    The Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency issued a fourth notice requesting public comment to reduce regulatory burden under the Economic Growth and Regulatory Paperwork Reduction Act. The notice seeks input on Banking Operations, Capital, and the Community Reinvestment Act as part of a 12-category review. The agencies will hold outreach meetings to gather feedback from interested parties.

    Policy & regulationImplementation, projects & pilotsRegulatory burden
  • 2025-07-21United StatesFederal Reserve Board

    Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency open fourth EGRPRA comment round on Banking Operations, Capital and Community Reinvestment Act rules

    The Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency issued a fourth notice seeking public comment on reducing regulatory burdens under the Economic Growth and Regulatory Paperwork Reduction Act. The agencies are focusing on Banking Operations, Capital, and the Community Reinvestment Act, with comments open for 90 days. Outreach meetings will be held to gather direct feedback.

    Policy & regulationRules & requirementsRegulatory burden
  • 2025-07-21United StatesU.S. Securities & Exchange Commission

    U.S. Securities & Exchange Commission to host September 18 roundtable on Reg NMS trade-through prohibitions

    The U.S. Securities & Exchange Commission will hold a public roundtable on 18 September 2025 to discuss trade-through prohibitions in the National Market System stock and listed options markets. The event will be streamed live from the SEC’s Washington, D.C. headquarters, with public comments invited for the roundtable record.

    Policy & regulationGuidance & interpretationTrading
  • 2025-07-21United StatesU.S. Securities & Exchange Commission

    U.S. Securities and Exchange Commission designates George R. Botic as acting PCAOB chair effective July 23, 2025

    The U.S. Securities and Exchange Commission has appointed George R. Botic as Acting Chair of the Public Company Accounting Oversight Board (PCAOB) effective July 23, 2025, following Erica Y. Williams' resignation. Botic, a Certified Public Accountant and PCAOB Board Member since October 2023, previously led the PCAOB’s Division of Registration and Inspections.

    Institutional developmentLeadership change & appointmentsAccounting and financial reporting
  • 2025-07-21VietnamState Bank of Vietnam

    State Bank of Vietnam's Regional Branch 8 reviews merged-branch rollout and reports VND 547 trillion deposits and VND 632 trillion credit

    The State Bank of Vietnam’s Regional Branch 8 reviewed its first half of 2025, following its formation from the merger of several branches and remit expansion. The branch oversaw 285 units, with deposits and outstanding credit rising by 10.59% and 8.03%, respectively. Priorities for the second half include enhancing IT application and maintaining full digitisation of administrative procedures.

    SupervisionSupervision approach, priorities & toolkitOperational excellence
  • 2025-07-21CanadaBank of Canada

    Bank of Canada introduces CSCE indicator and reports a second-quarter decline as tariff uncertainty weakens spending intentions

    The Bank of Canada's Q2 2025 Canadian Survey of Consumer Expectations introduced a new indicator summarizing consumer views on spending, the labour market, and personal finances. The indicator declined for a second consecutive quarter due to tariff threats and uncertainty impacting spending intentions. Despite stable short-term inflation expectations, consumers anticipate higher motor vehicle prices and cite tariffs as a key factor affecting inflation control.

    Data & statisticsEconomic data and developments
  • 2025-07-21CanadaBank of Canada

    Bank of Canada reports tariffs still weighing on firms in second-quarter 2025 Business Outlook Survey as inflation expectations ease

    The Bank of Canada's Q2 2025 Business Outlook Survey shows tariffs and trade uncertainty still affect firms' outlooks, though worst-case scenarios are less likely. Sales expectations remain pessimistic, with cautious hiring and investment plans, while short-term inflation expectations have decreased to late 2024 levels. Business sentiment has improved, with fewer firms anticipating a recession, but sectors facing US tariffs, like steel, aluminum, and auto, continue to experience weakness.

    Data & statisticsEconomic data and developments
  • 2025-07-21United StatesOffice of the Comptroller of the Currency

    United States Federal Deposit Insurance Corporation, Federal Reserve Board and Office of the Comptroller of the Currency seek further EGRPRA comments on banking operations, capital and Community Reinvestment Act regulations

    The Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency issued a fourth notice seeking public comment to reduce regulatory burden under the Economic Growth and Regulatory Paperwork Reduction Act. The agencies are focusing on Banking Operations, Capital, and the Community Reinvestment Act. Outreach meetings will be held to gather direct feedback.

    Policy & regulationRules & requirementsRegulatory burden
  • 2025-07-21ChinaChina Securities Regulatory Commission

    China Securities Regulatory Commission streamlines inheritance of deceased investors’ small brokerage and mutual fund holdings up to CNY 50,000

    The China Securities Regulatory Commission has simplified the process for heirs to inherit small-value assets from deceased investors held with securities companies, public fund managers, and fund sales institutions. The framework includes a capped "small estate" pathway, documentation requirements, and options for asset transfer or liquidation, with eligibility limited to onshore natural persons related to the deceased. Effective 25 July 2025, the measures exclude overseas individuals and allow the CSRC to adjust the CNY 50,000 threshold over time.

    Policy & regulationRules & requirementsOther
  • 2025-07-21ChinaChina Banking and Insurance Regulatory Commission

    China Banking and Insurance Regulatory Commission warns consumers about “professional debt-bearer” loan fraud schemes

    The China Banking and Insurance Regulatory Commission issued a consumer alert on scams involving "professional debt-bearers" promising quick wealth and claiming loans won't need repayment. The alert warns of false marketing and forged documents, emphasizing legal liabilities and potential criminal exposure for participants. Consumers are urged to protect their credit, avoid informal services, and report suspicious activities, as authorities crack down on illegal financial networks.

    SupervisionAlertsFraud and scams
  • 2025-07-21ArgentinaArgentina Superintendency of Insurance

    Argentina Superintendency of Insurance confirms timely claims verification deadline has expired in Boston Compañía Argentina de Seguros judicial liquidation

    The Argentina Superintendency of Insurance announced the expiration of the 18 July 2025 deadline for creditors to file timely claims in the judicial liquidation of Boston Compañía Argentina de Seguros S.A. Creditors who missed the deadline may pursue late verification through an incidental filing in the ongoing case before the National Commercial Court of First Instance No. 25.

    SupervisionOtherRecovery and resolution
  • 2025-07-21IndiaSecurities & Exchange Board of India

    Securities and Exchange Board of India lodges cyber police complaint over Navbharat advertisement promoting illegal dabba trading

    SEBI has taken action following an ad promoting illegal "dabba trading" in Navbharat. SEBI raised concerns with Navbharat, filed a cyber police complaint, and referred the issue to the Advertising Standards Council of India for potential violations. The National Stock Exchange also warned investors to trade only through SEBI-registered brokers and on recognized exchanges.

    EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
  • 2025-07-21IndiaSecurities & Exchange Board of India

    Securities and Exchange Board of India says Jane Street interim directions will cease after escrow of INR 4,843,57,70,168 is created

    SEBI clarified that interim directions from its July 3, 2025 order on alleged index manipulation by the Jane Street group will cease once entities comply with the escrow requirement of INR 4,843,57,70,168. SEBI reiterated that entities must avoid fraudulent practices, with stock exchanges monitoring Jane Street's activities until the investigation concludes. Compliance with these directives has been confirmed by the entities and exchanges.

    EnforcementInvestigations & enforcement actionsMarket abuse
  • 2025-07-21IndiaSecurities & Exchange Board of India

    Securities and Exchange Board of India introduces NSE-hosted common compliance reporting platform for stock brokers

    The Securities and Exchange Board of India, with stock exchanges, has launched Samuhik Prativedan Manch, a tech platform by the National Stock Exchange of India for unified compliance reporting by stock brokers. This aims to reduce compliance costs by eliminating the need for brokers to file identical reports with multiple exchanges. Phased implementation begins on August 1, 2025, initially covering 40 compliance reports for about 990 brokers.

    Policy & regulationImplementation, projects & pilotsRegulatory reporting
  • 2025-07-21MoldovaNational Bank of Moldova

    National Bank of Moldova reports June 2025 FX coverage ratio drops to 78.1% and records net EUR 29.1m interbank sales

    In June 2025, the National Bank of Moldova reported that net foreign currency supply from individuals covered 78.1% of economic agents' demand, down from 86.4% in May, prompting the bank to sell EUR 29.1 million in the interbank market. Net supply from individuals rose by EUR 11.0 million to EUR 272.8 million, while demand from economic agents increased by EUR 46.1 million to EUR 349.1 million. The leu-euro exchange rate rose by 0.7% to 19.6668 MDL per EUR.

    Monetary policyMonetary policy instruments & operationsBalance of payments and other external statistics
  • 2025-07-21MoldovaNational Bank of Moldova

    National Bank of Moldova drafts green finance taxonomy with IFC support ahead of public consultation

    The National Bank of Moldova, supported by the International Finance Corporation, is developing a sustainable finance taxonomy to align with EU accession commitments. This taxonomy classifies environmentally sustainable activities to direct investment towards projects supporting environmental protection and resource efficiency. A preliminary version has been discussed with stakeholders, and the draft will be refined and finalized as a normative act for public consultation.

    Policy & regulationRules & requirementsGreen taxonomy
  • 2025-07-21MoldovaNational Bank of Moldova

    National Bank of Moldova reports June 2025 cash foreign exchange turnover of EUR 432.8 million

    The National Bank of Moldova released June 2025 cash foreign exchange market statistics, showing a total turnover of EUR 432.8 million, a 2.2% increase from May. The euro dominated with EUR 313.3 million, while the US dollar accounted for EUR 76.2 million. Compared to June 2024, overall turnover rose 2.3%, with euro turnover up 11.7% and US dollar turnover down 19.6%.

    Data & statisticsCurrency and cash management
  • 2025-07-21MoldovaNational Bank of Moldova

    National Bank of Moldova publishes June 2025 banking system foreign currency position data showing MDL 50.49bn in assets and MDL 50.24bn in liabilities

    The National Bank of Moldova released June 2025 data on licensed banks' foreign currency assets and liabilities, showing total foreign currency assets at MDL 50.49 billion and liabilities at MDL 50.24 billion. Major asset components included foreign currency liquidity and loans, while liabilities were dominated by client current accounts and term deposits. The gross long open foreign exchange position was MDL 467.86 million, with regulatory capital at MDL 21.81 billion.

    Data & statisticsCurrency and cash managementSupervisory data
  • 2025-07-21United StatesU.S. Department of the Treasury

    U.S. Department of the Treasury calls for an interagency reset of financial regulation and urges regulators to drop the dual capital requirement approach

    Treasury Secretary Scott Bessent outlined a strategic, whole-of-government approach for U.S. financial regulatory policy, emphasizing reforms beyond incremental measures, focusing on Main Street and community banks, and opposing debanking based on political or religious views. Key actions include recalibrating leverage capital requirements, modernizing the regulatory capital framework, and aligning illicit finance policy with national security priorities. Treasury plans interagency consultations to define strategic policy direction and address deficiencies in the capital framework.

    Policy & regulationReform agendas & prioritiesCapital adequacy
  • 2025-07-21United StatesU.S. Department of the Treasury

    U.S. Department of the Treasury’s FinCEN to delay investment adviser AML rule effective date to 2028 and revisit scope

    The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) plans to delay the effective date of its anti-money laundering and countering the financing of terrorism (AML/CFT) rule for investment advisers from January 1, 2026, to January 1, 2028. This postponement aims to better tailor the rule to the sector's diverse business models and ease compliance costs. FinCEN will issue exemptive relief and revisit the rule's scope and related customer identification program requirements with the SEC.

    Policy & regulationRules & requirementsAML and CFT
  • 2025-07-21Isle of ManThe Treasury (Isle of Man)

    Isle of Man Treasury launches sanctions awareness presentation to support sanctions compliance

    The Isle of Man Treasury has introduced a Sanctions Awareness presentation to aid industry understanding of sanctions compliance, accessible via YouTube and the government sanctions website. The presentation explains the basics of sanctions, website navigation for relevant information, and offers practical compliance tips.

    Policy & regulationGuidance & interpretationSanctions list update
  • 2025-07-21United Arab EmiratesCentral Bank of the UAE

    Central Bank of the UAE imposes AED 800,000 financial sanction on an exchange house for ML CFT compliance failures

    The Central Bank of the UAE imposed a financial sanction of AED 800,000 on an exchange house for non-compliance with anti-money laundering and counter-terrorist financing policies. This action, under Article (137) of Decretal Federal Law No. (14) of 2018, aligns with the CBUAE's mandate to enforce compliance with UAE laws and standards.

    EnforcementSanctions & designationsNew sanctions designations
  • 2025-07-20KuwaitKuwait Capital Markets Authority

    Kuwait Capital Markets Authority signs information-sharing memorandum with the Kuwait Financial Intelligence Unit on anti-money laundering and counter-terrorist financing

    The Kuwait Capital Markets Authority signed a memorandum of understanding with the Kuwait Financial Intelligence Unit to enhance cooperation in combating money laundering and terrorist financing. The agreement outlines information sharing protocols, confidentiality requirements, and coordination for preventive measures, including training programs. The MoU was signed by CMA Chairman Emad Ahmed Tifoni and KFIU Head Hamad Khaled Al-Mukrad.

    SupervisionCooperationAML and CFTCross-border cooperation
  • 2025-07-20KuwaitKuwait Capital Markets Authority

    Kuwait Capital Markets Authority fines Al-Masar Leasing and Investment Company KWD 6,000 for AML CFT procedural breach

    The Kuwait Capital Markets Authority has fined Al Masar Leasing and Investment Company KWD 6,000 for violating Article (6-1) of Module Sixteen on Anti-Money Laundering and Combating the Financing of Terrorism. The decision was made during the Board of Commissioners meeting No. 21/2025 on 16 July 2025.

    EnforcementInvestigations & enforcement actionsAML and CFT
  • 2025-07-20KuwaitKuwait Capital Markets Authority

    Kuwait Capital Markets Authority imposes KWD 10,800 in AML and CFT procedural fines on NCB Capital Investment Company

    The Kuwait Capital Markets Authority fined NCB Capital Investment Company (K.S.C.C.) a total of KWD 10,800 for breaches of Module Sixteen of the Executive Bylaws to Law No. 7 of 2010, concerning anti-money laundering and combating the financing of terrorism. The fines were imposed for violations of Articles (3-37) and (4-1). The Authority emphasized the importance of compliance with the law and its Executive Bylaws for all securities activities.

    EnforcementInvestigations & enforcement actionsAML and CFT
  • 2025-07-20KuwaitKuwait Capital Markets Authority

    Kuwait Capital Markets Authority fines Noor Financial Investment Company KWD 6,000 for AML CFT procedural breach

    The Kuwait Capital Markets Authority imposed a KWD 6,000 penalty on Noor Financial Investment Company for violating anti-money laundering and combating the financing of terrorism requirements under Module Sixteen of the executive bylaws to Law No. 7 of 2010. The breach pertains to Article (6-1) and was approved at the Board's meeting on 16 July 2025.

    EnforcementInvestigations & enforcement actionsAML and CFT
  • 2025-07-20KuwaitKuwait Capital Markets Authority

    Kuwait Capital Markets Authority fines Middle East Financial Brokerage Company KD 2,700 and KD 5,400 for AML CFT procedural breaches

    The Kuwait Capital Markets Authority fined Middle East Financial Brokerage Company (K.S.C.C.) for violating anti-money laundering and terrorism financing requirements in Module Sixteen of the Executive Bylaws to Law No. 7 of 2010. Penalties include KD 2,700 for violating Article 3-19 and KD 5,400 for Article 6-1. The authority stressed compliance with the law and bylaws by securities activity participants.

    EnforcementSanctions & designationsAML and CFT
  • 2025-07-20KuwaitKuwait Capital Markets Authority

    Kuwait Capital Markets Authority launches securities-based crowdfunding by registering Emwazi Capital as first platform provider

    The Kuwait Capital Markets Authority has launched securities-based crowdfunding by registering Emwazi Capital as the first authorised platform under its Financial Technologies framework. Governed by Module Nineteen of the Executive Bylaws to Law No. 7 of 2010, this initiative allows issuers to raise funds through a digital platform by selling equity or issuing securities. The CMA is evaluating additional applications to ensure compliance with required conditions for further registrations.

    SupervisionAuthorisations & approvalsCrowdfunding
  • 2025-07-20PeruCentral Bank of Peru

    Central Bank of Peru reports non-traditional fisheries exports rose 123.5% year on year in May

    The Central Bank of Peru reported a 123.5% year-on-year increase in non-traditional fisheries exports for May, totalling USD 275 million, driven by a 102% rise in export volumes. From January to May 2025, exports reached USD 938 million, up 66.9% year-on-year, with growth attributed to increased volumes and prices. Notably, shipments of frozen and canned pota surged, with prices rising due to last year's limited supply.

    Data & statisticsBalance of payments and other external statistics
  • 2025-07-20PhilippinesDepartment of Finance (Philippines)

    Philippines Department of Finance promotes Capital Markets Efficiency Promotion Act cutting stock transaction tax to 0.1%

    The Department of Finance (Philippines) has enacted the Capital Markets Efficiency Promotion Act (CMEPA) to ease investment barriers and boost retail participation. Measures include reducing the stock transaction tax from 0.6% to 0.1%, cutting the documentary stamp tax on corporate shares from 1% to 0.75%, and exempting mutual funds and unit investment trust funds from this tax. CMEPA also introduces a uniform 20% final withholding tax on interest income and removes tax exemptions on passive income for government-owned corporations.

    Policy & regulationRules & requirementsFinancial inclusion
  • 2025-07-20MexicoCONDUSEF

    Mexico's National Commission for the Protection and Defence of Users of Financial Services awards older-adult service badge to Banco Azteca group and signs protocol to strengthen senior customer care for over 15.5 million people

    Mexico's CONDUSEF awarded the “Service to Older Adults” badge to Banco Azteca, Afore Azteca, and Seguros Azteca, and signed a protocol to enhance services for those over 60, including staff training, preferential signage, and simplified processes. President Oscar Rosado emphasized the need for permanent mechanisms to address operational weaknesses and highlighted Banco Azteca’s financial education program for older adults.

    Policy & regulationImplementation, projects & pilotsConsumer and investor protection
  • 2025-07-20MexicoCONDUSEF

    Mexico's National Commission for the Protection and Defence of Users of Financial Services reports 3,612 complaints in Sonora in H1 2025

    Mexico's National Commission for the Protection and Defence of Users of Financial Services (CONDUSEF) reported an 11.8% rise in consumer complaints in Sonora for January to June 2025, totaling 3,612 cases and MXN 153.8 million claimed. Most complaints were managed electronically, involving credit reports, debit and credit cards, and debt collection practices. Multiple banking was the most affected sector, with 46.3% of complaints, highlighting concerns over fraud and unrecognised transactions.

    Data & statisticsComplaints and dispute resolution
  • 2025-07-20JordanCentral Bank of Jordan

    Central Bank of Jordan reports electronic payments reached 84% of all transactions in 2024 as instant payment orders rose 148%

    The Central Bank of Jordan's ninth annual payment system report highlights record growth in digital payments for 2024, with electronic channels comprising 84% of all payments and cash transactions decreasing to 16%. Key drivers include a 148% increase in instant payment orders and significant rises in electronic bill payments and card-based transactions, attributed to the National Strategy for Electronic Payments 2023-2025.

    Data & statisticsPayments and payment systems
  • 2025-07-20EgyptEgypt Financial Regulatory Authority

    Egypt Financial Regulatory Authority outlines insurance reforms and digitalisation to international investors in London

    The Egypt Financial Regulatory Authority (FRA) engaged with London institutions to showcase Egypt's non-banking financial sector reforms and investment opportunities, particularly in insurance. Key updates include changes under the Unified Insurance Law, such as revised investment rules for insurers, phased capital increases, and new frameworks for technical provisions. The FRA also highlighted digital transformation initiatives, including electronic policy issuance and FinTech infrastructure enhancements.

    Policy & regulationRules & requirementsMarket developmentSupervision process and methodologies
  • 2025-07-20EgyptEgypt Financial Regulatory Authority

    Egypt Financial Regulatory Authority approves five companies for expanded and new fintech-enabled non-banking financial activities

    The Egypt Financial Regulatory Authority authorized five companies to expand or initiate fintech-enabled operations in non-banking financial activities. Approvals include Digified's expansion into electronic contracting and digital record management, and the incorporation of Nice Deer Factoring, Daira Microfinance, and iSupply as fintech start-ups. V-Lens' registration as an outsourcing service provider was also renewed.

    SupervisionAuthorisations & approvalsLicence approval
  • 2025-07-20VietnamState Bank of Vietnam

    State Bank of Vietnam updates Government on rollout of VND 500 trillion credit programme and growth in digital non-cash payments

    The State Bank of Vietnam reported significant progress in digital transformation, with over 90% of banking transactions conducted digitally and non-cash payments reaching nearly VND 140 quadrillion in early 2025. The national interbank electronic payment system processed VND 174.1 quadrillion, a 42.95% increase year on year. The Prime Minister urged swift deployment of the VND 500 trillion credit programme for science, technology, and infrastructure at low rates.

    Policy & regulationImplementation, projects & pilotsOther
  • 2025-07-20CaribbeanCaribbean Financial Action Task Force (CFATF)

    Caribbean Financial Action Task Force publishes Curaçao and Sint Maarten mutual evaluation reports, concluding its fourth round

    The Caribbean Financial Action Task Force has published mutual evaluation reports for Curaçao and Sint Maarten. The reports assess compliance with the FATF 40 Recommendations, evaluate AML/CFT system effectiveness and provide recommendations for improvement. Their publication completes CFATF’s Fourth Round, with the Fifth Round due to start in March 2026.

    Policy & regulationPeer reviews and country evaluationsAML and CFT
  • 2025-07-19AlgeriaCentral Bank of Algeria

    Central Bank of Algeria sets two-step foreign exchange travel allowance process with limits of up to EUR 750 per adult

    The Central Bank of Algeria issued an explanatory document for Instruction No. 05-2025 regarding the foreign exchange travel allowance for resident nationals. The process involves reserving funds in advance and collecting foreign currency at exit points, with a maximum allocation of EUR 750 for adults and EUR 300 for minors. The allowance is granted once per reference year, contingent on documentation and minimum trip-duration requirements.

    Policy & regulationGuidance & interpretationCurrency and cash management
  • 2025-07-19VietnamState Bank of Vietnam

    State Bank of Vietnam seeks BNP Paribas input on international financial centre rules alongside AI and green finance priorities

    The State Bank of Vietnam met with BNP Paribas to discuss policy priorities, including AI in banking, developing an international financial centre, and a green finance classification system. The central bank is drafting a decree on bank licensing and foreign exchange management to attract strong financial institutions and link Vietnam to global capital. BNP Paribas will continue providing expertise to support Vietnam's legal framework development.

    Policy & regulationRules & requirementsClimate risk and sustainable finance
  • 2025-07-19ChinaChina Banking and Insurance Regulatory Commission

    China Banking and Insurance Regulatory Commission Qingdao bureau places Pingdu branch head Song Yanbian under disciplinary review

    The Discipline Inspection Commission of the China Banking and Insurance Regulatory Commission's Qingdao Bureau and the Qingdao Municipal Commission announced that Song Yanbian, Party Committee Secretary and Director of the Pingdu Financial Regulatory Branch, is under disciplinary review and investigation for suspected serious violations of discipline and law by the Pingdu City Supervisory Committee in Shandong.

    EnforcementInvestigations & enforcement actions
  • 2025-07-18EuropeEuropean Securities and Markets Authority

    European Securities and Markets Authority updates Q&A on MiCA staking and client order pre-funding and on UCITS feeder fund performance fees

    The European Securities and Markets Authority has updated its Q&A materials for the Markets in Crypto-Assets Regulation and the Undertakings for Collective Investment in Transferable Securities Directive. The updates address staking on own account, pre-funding of clients’ orders using clients’ crypto-assets, and performance fees for feeder funds.

    Policy & regulationGuidance & interpretationStablecoinsRegulatory reporting
  • 2025-07-18PeruSuperintendencia del Mercado de Valores de Peru

    Peru's Superintendency of the Securities Market approves Lima Stock Exchange trading rule changes to align with Colombia and Chile and migrate to a Nasdaq platform

    Peru's Superintendency of the Securities Market approved amendments to the Lima Stock Exchange rulebook to align equity trading rules with Colombia and Chile and facilitate migration to a Nasdaq trading platform. Changes include new market segmentation, revised closing price calculation, and a "Designated Liquidity Promoter" framework for broker-dealers. Equity instruments will be classified into Global and Local Markets, with trading across Continuous, Auction, and Global segments.

    Policy & regulationRules & requirementsMarket development
  • 2025-07-18AngolaAngola Capital Markets Commission

    Angola Capital Markets Commission urges oil sector firms to use capital markets funding at local content forum

    The Angola Capital Markets Commission, represented by Executive Administrator Vasco Januário, participated in a forum to promote the capital market as a financing alternative for oil sector and local content companies. Januário highlighted Sonangol’s corporate bond and Etu Energias’ commercial paper issuances as successful transactions. The forum, supported by the Ministry of Mineral Resources, Oil and Gas, and the National Agency of Oil, Gas and Biofuels, emphasized regulation and domestic initiatives.

    Policy & regulationCooperationMarket development
  • 2025-07-18AngolaAngola Capital Markets Commission

    Angola Capital Markets Commission holds second media briefing on the Information Dissemination System

    The Angola Capital Markets Commission conducted its second session for media on the Information Dissemination System, a digital tool for equitable and timely disclosure of issuer information. The session detailed the roles of the Commission and issuers, mandatory disclosure categories, and the communication flow for publishing information. A live demonstration showcased filtering functions and access to issuers’ disclosure history.

    Policy & regulationGuidance & interpretationDisclosuresSupervision process and methodologies
  • 2025-07-18ItalyItalian Securities Commission (Consob)

    Italian Securities Commission accelerates non-equity prospectus approvals by shifting sign-off to the head of the Issuers Division

    The Italian Securities Commission (Consob) has amended its Issuers Regulation to expedite the authorisation process for prospectuses of corporate bonds and non-equity securities, effective 19 July 2025. Approval powers are generally transferred from the Consob Commission to the head of the Issuers Division, with certain cases retained by the Commission. These changes follow prior measures to reduce review times and costs and allow English for approval requests.

    Policy & regulationRules & requirementsSecurities offerings and listings
  • 2025-07-18PolandPolish Financial Supervision Commission (KNF)

    Polish Financial Supervision Commission National Working Group consults on recommendation for standard POLSTR-based OIS transactions

    The Polish Financial Supervision Commission's National Working Group for benchmark reform has initiated a consultation on a proposed recommendation for standard overnight index swap transactions based on POLSTR. Stakeholders and financial market participants are invited to provide feedback.

    Policy & regulationGuidance & interpretationFinancial benchmarks
  • 2025-07-18GlobalBank for International Settlements

    Bank for International Settlements working paper finds central bank CBDC sentiment shapes media narratives and is associated with weaker crypto and bank-stock returns

    The Bank for International Settlements released a paper on CBDC communication in 15 major economies, noting differences in tone between central banks and media. Central bank sentiment influences media more than vice versa, with media often more positive, especially on retail CBDCs. Central bank sentiment also predicts CBDC project progress and affects cryptocurrency returns and stock performance of banking and payment firms, with effects varying by jurisdiction.

    ResearchCBDC
  • 2025-07-18GlobalBank for International Settlements

    Bank for International Settlements bulletin finds Africa’s direct exposure to new US tariffs limited and flags AfCFTA, infrastructure and financial integration as growth priorities

    The Bank for International Settlements' BIS Bulletin analyzes global trade policy shifts' impact on African economies, noting limited direct exposure to new US tariffs but significant indirect effects from global demand changes. It emphasizes regional trade integration and financial development for resilience and growth, highlighting the African Continental Free Trade Area's potential despite barriers like weak infrastructure and high export concentration. Opportunities lie in Africa's growing working-age population, resource endowments, and digital payment systems.

    Research
  • 2025-07-18MexicoCentral Bank of Mexico

    Central Bank of Mexico issues Circular 6/2025 to let workers use payroll deposits to repay loans from any creditor

    The Central Bank of Mexico issued Circular 6/2025, introducing a framework allowing wages and employment benefits in payroll accounts to back financial services. This enables workers to use their payroll deposits to repay loans with any creditor, expanding credit options beyond the payroll-account managing institution.

    Policy & regulationRules & requirementsLending
  • 2025-07-18South AfricaNational Treasury (South Africa)

    South Africa's National Treasury and the South African Reserve Bank publish Durban G20 finance communiqué endorsing Common Framework guidance and noting USD 113.8 billion SDR channelling pledges

    South Africa's National Treasury and Reserve Bank summarized the G20 Finance Ministers and Central Bank Governors meeting in Durban, focusing on global economic stability, financial architecture, and sustainable finance. Discussions included strengthening Multilateral Development Banks, sovereign debt restructuring, and scaling adaptation and just transitions. Members reaffirmed commitments to Basel III implementation, non-bank financial institution data, and the G20 Roadmap for cross-border payments.

    Policy & regulationInternational standards & recommendationsClimate risk and sustainable finance
  • 2025-07-18TanzaniaTanzania Insurance Regulatory Authority

    Tanzania Insurance Regulatory Authority meets Tanzania Insurance Brokers Association and commits to act on calls to update insurance guidelines

    Dr. Baghayo Saqware, Commissioner of Insurance at the Tanzania Insurance Regulatory Authority, met with the Tanzania Insurance Brokers Association to discuss strengthening the insurance sector. Brokers sought improved guidelines, while the Commissioner emphasized opportunities in universal health, agricultural, and compulsory insurance. Concrete steps will focus on expanded education and rural penetration.

    Policy & regulationCooperationMarket development
  • 2025-07-18TanzaniaTanzania Insurance Regulatory Authority

    Tanzania Insurance Regulatory Authority’s Insurance Commissioner urges innovators to develop inclusive insurance at UNDP showcase

    The Tanzania Insurance Regulatory Authority (TIRA) emphasized innovation's role in expanding inclusive insurance at the Insurance Innovation Showcase in Dar es Salaam. Organized with the United Nations Development Programme, the event featured competitions in multi-cover insurance, health insurance, and climate change solutions. Twende Tech's "Twende Bima" won for enabling motorcycle riders to access health insurance, with UNDP committing to ongoing collaboration and research to support market growth.

    Policy & regulationImplementation, projects & pilotsFintech and insurtechSME financing
  • 2025-07-18UkraineUkraine National Commission on Securities and Stock Market

    Ukraine National Commission on Securities and Stock Market approves draft rule changes, sets XBRL filing parameters and clears capital market registrations and supervision actions

    The Ukraine National Commission on Securities and Stock Market approved regulatory decisions, including amendments to acts and new instructions on access control and XBRL submissions. The Commission registered share issues and prospectuses for JSC ZNVCIF PROCAPITAL INVEST and JSC ZNVCIF SKYFALL, and approved significant participations and leadership roles in various entities. Amendments were made to Commission Decision No. 198 of 24 March 2022.

    Policy & regulationRules & requirementsRegulatory reporting
  • 2025-07-18PeruCentral Bank of Peru

    Central Bank of Peru reports non-traditional agricultural exports rose 22.8% in May to USD 754 million

    The Central Bank of Peru reported a 22.8% year-on-year increase in non-traditional agricultural exports for May, reaching USD 754 million, driven by a 35.4% rise in export volumes. Key products contributing to this growth included avocados, cocoa, frozen mangoes, mandarins, and pomegranates. From January to May, exports totaled USD 4,226 million, marking a 28.1% increase supported by a 36.2% rise in volumes.

    Data & statisticsBalance of payments and other external statistics
  • 2025-07-18El SalvadorCentral Reserve Bank of El Salvador

    Central Reserve Bank of El Salvador highlights Global Findex 2025 data showing 43% of adults have an account, up 12 percentage points since 2021

    The Central Reserve Bank of El Salvador reported a 12 percentage point increase in financial inclusion since 2021, with 43% of Salvadorans aged 15 and over now holding accounts, according to the World Bank’s Global Findex 2025. This progress is attributed to efforts by the National Council for Financial Inclusion and Education, regulatory measures, and initiatives like the Transfer365 payments platform and "Mi Viaje Financiero" education program. The update also highlights legal reforms to enhance electronic money regulation and simplify account access for low-income and rural populations.

    Policy & regulationImplementation, projects & pilotsFinancial inclusion
  • 2025-07-18PakistanSecurites & Exchange Commission of Pakistan

    Securities and Exchange Commission of Pakistan publishes report on insurance for social security highlighting 9.5 million of 72 million workers covered

    The Securities and Exchange Commission of Pakistan (SECP) released a report titled “Role of Insurance in Social Security: Landscape of Pakistan,” highlighting limited insurance coverage and weak enforcement of mandatory requirements. The report proposes a five-part reform roadmap, including strengthening legal frameworks, integrating insurance with social safety nets, and launching a national social insurance scheme for informal workers. SECP urges stakeholder collaboration to implement these recommendations.

    Policy & regulationReform agendas & prioritiesOther
  • 2025-07-18BermudaMinistry of Finance (Bermuda)

    Bermuda's Ministry of Finance tables Beneficial Ownership Act 2025 to move the central register to the Registrar of Companies

    Bermuda's Ministry of Finance will introduce the Beneficial Ownership Act 2025, transferring the central register of beneficial ownership from the Bermuda Monetary Authority to the Registrar of Companies. The Act aligns with the revised Financial Action Task Force Recommendation 24, broadening the definition of beneficial owner and empowering the Registrar to manage and disclose register information. Regulation-making powers will address information suppression, discrepancy reporting, and securities control.

    Policy & regulationRules & requirementsBeneficial ownership
  • 2025-07-18IndonesiaBank Indonesia

    Bank of Indonesia reports Q2 2025 business activity rise with weighted net balance up to 11.70%

    Bank of Indonesia's latest Business Survey indicates a rise in business activity in Q2 2025, with the weighted net balance increasing to 11.70% from 7.63% in Q1. Growth was driven by Public Administration, Defence, and Compulsory Social Security, as well as Manufacturing and Accommodation sectors. Respondents anticipate continued growth in Q3 2025, with a projected WNB of 11.98%, supported by Construction and Mining sectors.

    Data & statisticsEconomic data and developments
  • 2025-07-18AustraliaAustralian Securities & Investments Commission

    Australian Securities and Investments Commission disqualifies NSW construction director Anthony Azizi from managing corporations for five years

    The Australian Securities and Investments Commission (ASIC) has disqualified Anthony Azizi from managing corporations for five years due to his role in the failure of three construction companies, which owed AUD 93.7 million to over 300 unsecured creditors. ASIC found Azizi failed to meet director obligations, including statutory lodgements and preventing insolvent trading. The disqualification is effective until 14 July 2030, and Azizi may seek a review by the Administrative Appeals Tribunal.

    EnforcementSanctions & designationsOther
  • 2025-07-18PortugalBank of Portugal

    Bank of Portugal publishes May 2025 balance of payments showing a EUR 120 million monthly external deficit and a EUR 1.2 billion surplus through May

    The Bank of Portugal's updated balance of payments for May 2025 shows an external surplus of EUR 1.2 billion from January to May, down EUR 1.5 billion from 2024. This decline was due to a EUR 2.0 billion widening of the goods deficit and a EUR 217 million deterioration in the primary income deficit, partially offset by a EUR 759 million increase in the services surplus. The financial account balance was EUR 0.7 billion, with non-monetary financial institutions significantly reducing liabilities.

    Data & statisticsBalance of payments and other external statistics
  • 2025-07-18PortugalPortuguese Insurance Regulator (ASF)

    Portugal's Insurance and Pension Funds Supervisory Authority publishes 2024 market conduct report highlighting health insurance standardisation and 2,860 supervisory actions

    Portugal's Insurance and Pension Funds Supervisory Authority (ASF) released its 2024 Market Conduct Regulation and Supervision Report, emphasizing health insurance transparency, product comparability, and sustainability disclosures. ASF issued 13 regulatory standards, conducted 2,860 supervisory actions, and addressed 1,937 consumer complaints. For 2025, ASF plans to focus on credit protection insurance value, digital advertising supervision, and integrating anti-money laundering risks.

    SupervisionSupervision approach, priorities & toolkitConsumer and investor protection
  • 2025-07-18GreeceMinistry of National Economy and Finance (Greece)

    Greece's Ministry of National Economy and Finance submits sixth Recovery and Resilience Facility grant payment request for EUR 2.1bn

    Greece's Ministry of National Economy and Finance has requested EUR 2.1 billion in grants from the Recovery and Resilience Facility after completing 39 milestones under the "Greece 2.0" plan. Successful assessment would bring total disbursements to EUR 23.4 billion, covering 65% of Greece's allocation. The milestones span sectors such as education, health, and energy, including initiatives like interactive classroom boards and photovoltaic system subsidies.

    Policy & regulationImplementation, projects & pilotsRecovery and resolution
  • 2025-07-18GreeceMinistry of National Economy and Finance (Greece)

    Greece's Ministry of National Economy and Finance outlines National Customs Code bill to digitise customs processes and tighten anti-smuggling enforcement

    Greece's Ministry of National Economy and Finance unveiled a draft National Customs Code to digitalise customs procedures, enhance service, and combat tax evasion and smuggling. Key measures include digitised signatures, electronic notifications, an integrated monitoring system, and stricter smuggling penalties. The draft also proposes tax exemptions, repatriation incentives, and transferring the Financial and Economic Crime Unit to the Independent Authority for Public Revenue.

    Policy & regulationRules & requirementsOther
  • 2025-07-18Hong KongFinancial Services and the Treasury Bureau (Hong Kong)

    Hong Kong's Financial Services and the Treasury Bureau reappoints three Securities and Futures Commission executive directors for new three-year terms

    The Financial Services and the Treasury Bureau of Hong Kong has reappointed Ms Christina Choi Fung-yee, Mr Rico Leung Chung-yin, and Mr Michael Duignan as Executive Directors of the Securities and Futures Commission for three-year terms starting in August and November 2025. Ms Choi will transition to Executive Director (Corporate Finance) in November 2025. Mr Leung will continue as Executive Director (Supervision of Markets), and Mr Duignan will shift to Executive Director (Enforcement).

    Institutional developmentLeadership change & appointmentsLeadership change and appointments
  • 2025-07-18Hong KongHong Kong Securities & Futures Commission

    Hong Kong Securities & Futures Commission confirms three-year reappointments of executive directors and sets senior role changes from August to November 2025

    The Hong Kong Securities & Futures Commission re-appointed Christina Choi, Rico Leung, and Michael Duignan as Executive Directors for three-year terms, with senior portfolio changes planned for 2025. Choi will become Executive Director of Corporate Finance, Leung will continue as Executive Director of Supervision of Markets, and Duignan will be Executive Director of Enforcement. Christopher Wilson, the current Executive Director of Enforcement, will depart at the end of his term on 31 October 2025.

    Institutional developmentLeadership change & appointmentsLeadership change and appointments
  • 2025-07-18FranceBank of France

    Bank of France reports a 66% success rate for credit mediation as eligibility falls to 42% in the first half of 2025

    The Bank of France reported on its Credit Mediation scheme for H1 2025, noting 546 eligible cases with a 66% favourable outcome rate, despite eligibility declining to 42%. Most requests came from very small enterprises, with mediators supporting 320 companies and preserving 3,245 jobs. The scheme also addressed restructuring State-guaranteed loans, with a 57% success rate, and emphasized improved coordination and proactive information for business support.

    Policy & regulationImplementation, projects & pilotsComplaints and dispute resolution
  • 2025-07-18KazakhstanAgency for Regulation and Development of the Financial Market of the Republic of Kazakhstan

    Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan warns of scams targeting older people

    The Agency for Regulation and Development of the Financial Market of Kazakhstan warned about financial fraud targeting older citizens, emphasizing phone and messenger impersonation schemes. Tactics include posing as bank staff or law enforcement, claiming suspicious account activity, and pressuring victims to transfer funds or share banking details. The agency advises ending suspicious calls, verifying identities through official channels, and discussing financial decisions with trusted relatives.

    SupervisionAlertsFraud and scams
  • 2025-07-18UzbekistanCentral Bank of the Republic of Uzbekistan

    Central Bank of the Republic of Uzbekistan agrees expanded cooperation with the Islamic Financial Services Board and plans official IFSB visit

    The Central Bank of the Republic of Uzbekistan and the Islamic Financial Services Board (IFSB) agreed to enhance collaboration to support Uzbekistan's Islamic finance reforms. Discussions in Kuala Lumpur focused on future cooperation, capacity building, and adapting IFSB standards to national practices. An official visit by IFSB representatives to Uzbekistan is planned to further these efforts.

    Policy & regulationCooperationCapacity buildingDomestic cooperation
  • 2025-07-18ThailandThailand Office of Insurance Commission

    Thailand Office of Insurance Commission sets out supervisory upgrades and plans full-consolidation group-wide supervision from Q1 2026

    The Thailand Office of Insurance Commission (OIC) outlined supervisory priorities for the insurance sector adapting to Thai Financial Reporting Standards 17, emphasizing an OIC Supervisory Framework and Early Warning System. Insurers must establish a clear risk appetite and demonstrate genuine risk governance in ERM/ORSA reports. The OIC plans to transition to group-wide supervision on a full-consolidation basis from Q1 2026 to accommodate evolving group structures.

    SupervisionSupervision approach, priorities & toolkitSupervision process and methodologies
  • 2025-07-18United StatesU.S. Senate Committee on Banking, Housing and Urban Affairs

    U.S. Senate Committee on Banking, Housing and Urban Affairs marks President Trump signing GENIUS Act to create a payment stablecoin framework

    The U.S. Senate Committee on Banking, Housing and Urban Affairs announced President Donald J. Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, establishing a regulatory framework for payment stablecoins. Led by Senator Bill Hagerty, the legislation aims to provide regulatory clarity, consumer protection, and national security enhancement. The Senate Banking Committee advanced the bill with bipartisan support, and the House of Representatives passed it on July 17, 2025.

    Policy & regulationRules & requirementsStablecoins
  • 2025-07-18South AfricaSouth African Reserve Bank

    South African Reserve Bank and National Treasury publish third G20 Finance Ministers and Central Bank Governors meeting outcomes endorsing Common Framework debt notes and infrastructure data guidance

    The South African Reserve Bank and National Treasury released a communiqué from the G20 Finance Ministers and Central Bank Governors meeting, addressing macroeconomic stability, international financial architecture reforms, and financial sector issues. Key points include endorsing Basel III implementation, Financial Stability Board recommendations on non-bank financial institution leverage, and a G20 roadmap for cross-border payments. It also highlights progress on the G20 Multilateral Development Bank Roadmap and sovereign debt restructuring under the Common Framework.

    Policy & regulationInternational standards & recommendationsClimate risk and sustainable finance